Gold finds support in 200-hour SMA

Source: Dukascopy Bank SA


The price for gold eventually declined, as a broad asset sell off occurred on Monday. The decline passed below both support zones near 1,795.00 and 1,785.00. Eventually, the decline ended, as the commodity price found support in the 1,764.00/1,766.15 range. On Tuesday morning, the range was strengthened by the 200-hour simple moving average, which appeared to be pushing the price up.

An extension of the recovery, the commodity price would face the combined resistance of the 50 and 100-hour simple moving averages and the 1,785.20/1,786.30 zone. Higher above, take into account the recent high level zone at 1,803.30/1,809.90.

On the other hand, a decline of the price for gold would have to pass the 1,764.00 level, before approaching the recent low levels at 1,744.75 and 1,739.40.
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Wed, 07 Dec 2022 11:15:55 GMT

EUR/USD respects moving averages

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USD/JPY extends recovery above 137.00

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